The

PICKFORD
E S C R O W C O M PA N Y
Escrow Examiner
January 2010

Southland home sales and prices up

Southern California’s housing market continued its step-by-step climb up from the January-
February bottom as both sales and prices saw gains last month, a real estate information service
reported.

A total of 19,181 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura,
San Bernardino and Orange counties last month. That was down 13.3 percent from October’s
22,132, and up 14.7 percent from 16,720 for November 2008, according to MDA Data Quick
of San Diego.

Sales almost always decline from October to November. The year-over-year increase was the
17th in a row. In Data Quick’s statistics, which go back to 1988, the average November had
22,312 sales.

Sales of newly built homes saw an unexpected jump last month. A total of 2,039 new homes were
sold, the highest of any month so far this year, and 25.5 percent ahead of 1,625 for November
2008.

Sales have been stoked in recent months by several factors: A federal tax credit for first-time
buyers, which had been set to expire last month before it was extended and expanded; robust
investor activity, especially inland; super-low mortgage rates; the availability of government-
insured, low-down-payment mortgages for first-time buyers; and the allure of a potential “deal”
on a distressed property.

Sales Volume Median Price

All Homes Nov-08 Nov-09 %Chang Nov-08 Nov-09 %Chng
Los Angeles 5,037 6,257 24.2% $340,000 $329,000 -3.2%
Orange 2,177 2,528 16.1% $400,000 $432,250 8.1%
Riverside 3,719 3,745 0.7% $220,000 $200,000 -9.1%
San 2,385 2,751 15.3% $185,250 $160,000 -13.6%
Bernardino
San Diego 2,673 3,148 17.8% $305,000 $325,000 6.6%
Ventura 729 752 3.2% $355,000 $365,000 2.8%
SoCal 16,720 19,181 14.7% $285,000 $285,000 0.0%

Source: DQNews.com. http://www.dqnews.com/Articles/2009/News/California/

RRCA091217.aspx

www.pickfordescrow.com
The Escrow Examiner January 2009

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